Author Archives: Aaron McAllorum

One in four children in the United States is being raised by a single parent — a percentage that has been on the rise and is higher than other developed countries, according to a report released Wednesday.

Of the 27 industrialized countries studied by the Organisation for Economic Cooperation and Development, the U.S. had 25.8 percent of children being raised by a single parent, compared with an average of 14.9 percent across the other countries.

Ireland was second (24.3 percent), followed by New Zealand (23.7 percent). Greece, Spain, Italy and Luxemborg had among the lowest percentages of children in single-parent homes.

One in 4 US Children Raised By Single Parent (AP)

Pat Neary, toothless financial regulator with the toothbrush moustache, retired with a massive golden handshake and a generous pension.

But he did not act alone.

When he did not act, as it were.

Con Horan (above) was  head of ‘prudential supervision’ in charge of banking regulation at the financial regulator and was directly answerable to Neary.

In fact Con signed off on the €169 milion loan to buy up some of Sean Quinn’s shares in Anglo, currently the subject of a slow-moving criminal investigation.

So what happened to Con?

That’s right, he became special advisor to new regulator, Matthew Elderfield.

But that was before the damning Nyberg report, which last week prompted Michael Noonan to demand of the banks a “board renewal plan” saying that – because the crisis happened on their watch – it was right they should move on.

By that logic it must be curtains for Mr Horan.

Kinda.

Con this month goes on secondment to take up a “senior role” in the European Banking Authority (EBA) – the new EU body for banking supervision.

He will be paid by the EBA but will remain a Central Bank staffer.

‘‘This secondment is in line with Central Bank strategy to support the new European Supervisory Authorities,” a spokeswoman said, before, one hopes, literally weeping with laughter.

By Dominic Hyde

The Royal family are a bunch of stammering Nazis but I shall be watching the Royal Wedding this Friday.

Why? Because my paper pays me to be contrary and I have taken that to mean trotting out any old shit to fill space as long as it’s contrary.

So here’s to the happy couple. And damn the begrudgers, say I.

 

Zombie regulators: Patrick Neary (left) with Mary O Dea, Consumer Director and Liam O Reilly Chief Executive, IFSRA.

Contrary to public perception at the time, lending at Anglo and INBS had proceeded with insufficient checks and balances during the period,” the report said.

Mr Nyberg found that the Financial Regulator Patrick Neary hesitated over whether to come down hard on the two lenders after problems were identified.

“Had the Financial Regulator rigorously enforced its recommendations to improve structures and process, it is possible that Anglo would have grown its property lending in a more prudent manner,” the report stated.

“Moreover, determined public action by the Financial Regulator early in the period could possibly have meant that other banks’ prudential standards would not have deteriorated to such an extent over the period.”

Remind us again how much Patrick Neary’s golden handshake was when he was forced to retire?

€630,00.

Anything else?

A public service pension of almost €143,000 a year, €2,750 per week, for the rest of his life.

Nyberg: Anglo Lenders ‘Ignored Own Policy Rules’ (Examiner)

€630,000 For The Bungling Banks Watchdog Pat Neary (Evening Herald, February 11, 2009)

(Photocall Ireland)

Colm Doherty, who joined AIB in the late 1980s, was appointed managing director of the bank in November 2009.

Former foreign minister Dick Spring, who had been asked to vet potential candidates, assured Brian Lenihan, who wanted a candidate from outside AIB, that Doherty was the right man for the job.

One of the problems outlined by Spring in finding decent external candidates was the renumeration package of no more than €500,000 a year.

This was the figure Lenihan had capped bankers’ salaries in the wake of the financial crisis.

Less than a year after his appointment Doherty was let go and, according to the Irish Times this morning, trousered €3million.

This included:

Salary: €432,000 (January-November 2010)

Termination payment: €707,000

Cash payment (in lieu of a contribution to his pension): €2 million.

In March 2010, Emmet Oliver wrote in the Sunday Tribune about the background to Doherty’s appointment and pay package the year before.

“However the deal as agreed, admittedly informally, unravelled on Monday when AIB sent over their proposals for Doherty’s remuneration at 7pm, the night before a cabinet meeting. The Department of Finance had requested this paperwork so the cabinet could be informed of the details of the proposed arrangements. However, later that evening the Irish Times reported that Lenihan had already approved the pay arrangements at levels above €500,000, contrary to the terms on bank compensation as stipulated by the so-called Ciroc report, which was issued earlier this year.

Lenihan described the story in the Irish Times as “inaccurate” and told his cabinet colleagues the government would not be assenting to pay rates above €500,000 and certainly not for people already working at AIB (the door was always left open to higher pay for anyone outside the jurisdiction who might need an extra incentive).”
However, what remains a mystery at this point is who precisely proposed Doherty’s higher remuneration request in the bank and what were they thinking?”

AIB Managing Director Paid £3 Million (Irish Times)

Colm Doherty Was The Only Man For The Job…Or Was He? (Sunday Tribune, March 28, 2010)

(Photocall Ireland)